The dollar rose in anticipation of the minutes of the Fed meeting

SINGAPORE, May 23 (Reuters) – The dollar rose slightly to the basket of major currencies on Wednesday, while investors were waiting for the release of the minutes of the last meeting of the Fed, which could shed light on the pace of tightening monetary policy in the US.

By 8.41 Moscow time, the dollar index added 0.05 percent to 93.660. On Monday, the index reached a peak of five months at 94,058.

Since mid-April, the dollar has increased by more than 5 percent, mainly due to good US economic data and expectations of at least two more Fed rate hikes by the end of the year.

The Japanese yen rose on Wednesday after US President Donald Trump cooled his optimism about the progress in the trade negotiations between Washington and Beijing, saying that he was not happy with their progress.

The dollar slid by 0.4 percent to the yen to 110.48, moving away from the peak of four months at 111.395 yen, reached on Monday.

Investors are waiting for the release of the minutes of the last meeting of the Fed, following which the regulator left rates unchanged. The protocol will be published on Wednesday at 21.00 Moscow time.

“We hope to get a little more clarity on the Fed’s inflation forecast,” said Hyun Kun Ho of UOB in Singapore.

The euro fell by 0.1 percent to $ 1.1764, again approaching Monday’s six-month low of $ 1.1717.

Turkish lira also declined after rating agencies on Tuesday expressed concerns about President Tayyip Erdogan’s plans to tighten control over monetary policy.